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The Nigeria Customs Service (NCS) is an agency of the Federal Republic of Nigeria, which operates as an independent customs service under the supervisory oversight of the Nigerian Ministry of Finance, responsible for the collection of customs revenue, facilitation of both national and international trade, anti-smuggling and border security activities.
Customs valuation is the process whereby customs authorities assign a monetary value to a good or service for the purposes of import or export. Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety.
The Automated System for Customs Data (ASYCUDA) is a computerized system designed by the United Nations Conference on Trade and Development (UNCTAD) to administer a country's customs. In 2004 there were more than 50 operational projects with expenditures exceeding US$7 million.
Customs declaration used for parcels. When an individual is transporting the goods, the form is called a customs arrival card, or a landing card, or an entry voucher. The traveller is required to fill out the form, sign and submit to the customs or border protection officer before entering the country. [3]
Statutorily and administratively, the FIRS has the responsibility for the assessment, collection and accounting of taxes to the Government: [9] The timely provision and publication of accurate data and annual reports to the Federal Government of Nigeria and other stakeholders to inform national economic planning, academic research, tax policy and development legislation [10]
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The balance is calculated as the value of visible exports less the value of visible imports. If the figure is positive then this is a surplus; it is negative then it is a deficit. [1] Most countries do not have a zero visible balance: they usually run a surplus or a deficit.
For VAT purposes, services that are included in the customs value of imported and exported goods are considered auxiliary services Certain supplies are not subject to VAT, including: issues of securities; insurance services; reorganization of legal entities; transfers and returns of property under operating lease arrangements; currency exchange ...